CoinDesk 20 Performance Update: Index Declines 4.5% as All Assets Trade Lower

The State of Wisconsin Investment Board (SWIB) recently made headlines by exiting its position in BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter of this year. The board had held over 6 million shares in the trust, valued at around $350 million, at the end of 2024. However, as the price of Bitcoin fell approximately 12%, SWIB decided to offload its entire stake.

This move comes as a surprise, considering that just months earlier, SWIB had more than doubled its exposure to Bitcoin by increasing its IBIT holdings. In addition to its direct investment in Bitcoin, the board also added indirect exposure through shares of MicroStrategy (MSTR) worth around $10.5 million.

Established in 1951, SWIB manages assets totaling over $160 billion and serves Wisconsin state employees through various funds, including the Wisconsin Retirement System.

On the other hand, Mubadala Investments, Abu Dhabi’s sovereign wealth fund, increased its stake in BlackRock’s IBIT in the first quarter. The fund added over 490,000 shares valued at around $29 million. Despite Bitcoin’s price falling by 27% since the end of the quarter, it is currently trading near $103,750.

Galaxy Digital, the digital asset financial services firm led by Mike Novogratz, has agreed to a $200 million settlement with the New York Attorney General’s office in connection to the collapse of the Terra-Luna ecosystem in 2022.

The settlement relates to the firm’s investment, trading, and public statements regarding LUNA, which crashed in May 2022, causing approximately $60 billion in losses. Galaxy revealed the settlement in its latest earnings report, which showed profits of $174 million for Q4 and $365 million for the full year of 2024, including the provision for the NYAG settlement.

In addition, Galaxy has signed a 15-year lease agreement with CoreWeave, a cloud-computing company, to supply 133 MW of electricity for artificial intelligence and high-performance computing at its Helios data center in West Texas. The company anticipates generating $4.5 billion in revenue from the lease agreement.

Galaxy’s earnings amount to $1.02 per diluted share, and on Thursday, GLXY shares closed 3.54% lower.

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Source: Brighter Side of News